Join our daily newsletter At The Bell to receive exclusive market insights
- Altech Chemicals (ATC) has entered into a Controlled Placement Agreement (CPA) with Acuity Capital
- The CPA provides Altech with up to $10 million of standby equity capital until January 2023
- Under the agreement, there are no requirements for Altech to use the CPA and if it does, it has full control of the size and value of any placement
- On market close, Altech is down 7.14 per cent and is selling shares at 6.5¢ each
Altech Chemicals (ATC) has entered into a Controlled Placement Agreement (CPA) with Acuity Capital.
The CPA provides Altech with up to $10 million of standby equity capital until January 2023.
Under the agreement, there are no requirements for Altech to use the CPA and if it does, it has full control of all aspects of the placement process.
The company will also have full flexibility to use all other methods or arrangements to raise capital while the CPA is in place and it can terminate the CPA at any time without cost.
Altech has agreed to place 40 million fully paid ordinary shares from its capacity with Acuity Capital at no cost.
When the CPA expires or is cancelled by Altech, the collateral shares can be brought back by Altech for no consideration.
Altech is aiming to become one of the world’s leading suppliers of 99.99 per cent high purity alumina, by the construction and operation of a 4500 tonne per annum high purity alumina processing plant at Johor, Malaysia.
On market close, Altech is down 7.14 per cent and is selling shares at 6.5¢ per share.
